CFPB Seeks Input to Help Military Families

The Consumer Financial Protection Bureau’s Office of Servicemember Affairs is looking for feedback on consumer financial products and services tailored to service members and their families. The bureau has been gathering information to improve financial education and better protect consumers from abusive lending practices.

“Military families face unique challenges, especially when it comes to their finances,” said Holly Petraeus, assistant director for the Office of Servicemember Affairs (OSA).

Specifically, the OSA wants information about products and services, education, and programs, among other items, offered to service members and their families by auto, mortgage, and credit card lenders.

“We believe that open dialogue is key to addressing these challenges,” Petraeus said. “By identifying the products and services that aim to assist their particular needs, our office will be able to better serve service members and their families.”

The CFPB, which officially launched July 21, has been soliciting comments on other facets of the financial services industry. Earlier this summer, the agency sought input to define “larger” nonbank financial institutions. The CFPB received 517 comments in response.

Recently, President Obama introduced former Ohio Attorney General Richard Cordray as his pick to head the CFPB. The nomination is currently pending before the Senate.

Public comments about financial programs for military personnel may be submitted to: http://www.regulations.gov/#!documentDetail;D=CFPB_FRDOC_0001-0013 or [email protected]  until Sept. 20.